Following the sale of Beats to Apple Wednesday (May 28), Jimmy Iovine announced shortly after that he has stepped down as Chairman and CEO of Interscope Records, reports Billboard. John Janick has been tapped to replace Iovine, and has been named chairman and CEO of Interscope Geffen A&M, while Iovine leaves to become an Apple executive.

“John Janick has exactly what it takes to lead Interscope Geffen A&M,” Iovine said in a statement.. “He started his own label. He understands the art of making records and the unique dynamic between a record label and artist, as well as the enormous responsibility that comes with representing one of the greatest artist rosters ever assembled.”

Janick launched his Fueled By Ramen imprint in 1996 and has worked in the Universal Music Group system, which includes Interscope Geffen A&M, since 2012. He has also been groomed by Iovine for the role. Beats Music and Beats Electronics was acquired by Apple this week for $3 billion.

Both Iovine and co-founder Dr. Dre join the tech giant as executives.